Nonprofit developer unveils affordable-housing complex

Oct. 20, 2013

Updated Oct. 18, 2013 4:33 p.m.

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Jamboree Housing Corp. has opened a $22 million affordable-housing apartment complex in Buena Park called Park Landing Apartment Homes. The 70-unit complex features a “green roof” over its 142-stall parking garage. COURTESY PHOTO

Jamboree Housing Corp. has opened a $22 million affordable-housing apartment complex in Buena Park called Park Landing Apartment Homes. The 70-unit complex features a “green roof” over its 142-stall parking garage. COURTESY PHOTO

Jamboree Housing Corp., a nonprofit community development organization headquartered in Irvine, has opened a $22 million affordable-housing apartment complex on a former commercial site in Buena Park.

Park Landing Apartment Homes, a four-story, 92,176-square-foot property at 8850 La Palma Ave., consists of 70 units. Rents for the one-, two- and three-bedroom apartments range from $503 to $1,204 a month based on residents' income levels.

The complex offers a community center, exercise room, computer lab and other amenities. Park Landing also features a “green roof” over its 142-stall parking area, with 20,000 square feet of park-style outdoor space and a basketball court on top of the garage.

Jamboree Housing Development Director Michael Massie said the green roof is not only environmentally friendly, but also allows for outdoor space in an otherwise-constrained 2-acre urban space.

Jamboree bought the land from the Buena Park Redevelopment Agency for $3.6 million. The nonprofit funded the project in part through $6.6 million in city redevelopment money.

Industrial market going strong

Orange County's industrial real estate market is on pace to have its best year since 2005, a new report found.

Expanding industrial tenants took more than 1 million square feet of space during the third quarter, bringing the countywide vacancy rate down to 5.1 percent from 5.4 percent, according to Lee & Associates' quarterly market survey of 8,366 local properties. The market has absorbed more than 1.9 million square feet this year.

The vacancy rate has declined steadily from the recent high of 7.5 percent in 2010, but Lee & Associates said the market is still two years from returning to the pre-recession low of 3.7 percent.

The West County submarket, including Garden Grove and Huntington Beach, had been lagging in the early stages of the recovery, but it accounted for much of the recent gains. With many industrial contractors buying machinery, hiring workers and taking more space, the submarket's vacancy rate fell to 5.9 percent, down from 7.6 percent earlier this year.

Manufacturer to relocate after sale

Serfas Inc., a maker of bicycle accessories, plans to move out of California after selling its Rancho Santa Margarita headquarters.

President Ray Kuipers said the company will relocate to the Phoenix area, but he declined to give a reason for the move.

Serfas has occupied the 21,164-square-foot manufacturing building at 29752 Avenida De Las Banderas, which the company sold this month to titanium distributor Grondas Metal for about $3 million.

Built in 1990, the property has about 5,000 square feet of office space and sits on one acre.

Craig Fitterer, senior vice president with Lee & Associates, said Grondas needed more space, which was difficult to find in the area.

“Rancho Santa Margarita is a very tight market,” he said. “This was the only property available in Rancho Santa Margarita in their size range.”

Fitterer, along with colleague Mark Jerue, represented both the buyer and seller.

The 78,400-square-foot property, at 1651 Mitchell Ave. near I-5, includes 70 single-story two-bedroom units. Built in 1968, the garden-style complex sits on about 4.9 acres and has tennis courts and underground parking.

Patrick Swanson and Brett Bayless of Colliers International represented both the seller, Laughlin Family Partnership, and the buyer, LTK Venture 1 LLC.

Developer plans distribution facility

A Newport Beach-based developer has acquired 16 acres of land in Fontana with plans to build a state-of-the-art distribution facility.

REDA Bascom Ventures, a joint venture between Real Estate Development Associates LLC and the Bascom Group LLC, paid an undisclosed amount for the parcel at 11100 Hemlock Ave.

The group plans to build a 350,000-square-foot building, similar to a recently announced development in Commerce.

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